Property Overview
This one-storey home at 480 Cordova Street in Winnipeg's Central River Heights neighbourhood presents a specific and compelling opportunity. Its primary appeal lies in its generous 6,391 sqft lot, which places it in the top 3% for land size on its street and the top 12% within the desirable Central River Heights area. This significant lot size offers substantial potential for expansion, gardening, or outdoor living, a rarity in mature neighbourhoods. The home itself, built in 1951, is more modest with 1,173 sqft of living space and features a renovated basement and a detached garage. It last sold in March 2020 for $340,000.
The property is best suited for buyers who prioritize land value and future potential over immediate move-in size. It would appeal to an investor or renovator looking to capitalize on a prime lot, a buyer planning a significant addition or rebuild, or someone who values extensive outdoor space for a garden or private yard in a central, established community. Its below-average assessed value suggests room for value growth through updates or expansion.
Frequently Asked Questions
What does the "top 3% for land area" ranking actually mean?
It means this property's lot size is larger than 97% of the 268 comparable properties on Cordova Street. In practical terms, you're getting a significantly larger yard than most of your immediate neighbours, which is a major differentiator.
Is the house in need of major updates?
While specific interior conditions aren't detailed, the data provides clues. The living area is below the street average, and the year built (1951) suggests original systems may be nearing the end of their lifespan. The appeal here is the solid foundation of a renovated basement on a premium lot, with the understanding that the main floor may require modernization.
How does the 2020 sale price relate to today's value?
The $340,000 sale price from March 2020 is a historical data point. Given the changes in the market since then, it should not be used as a direct indicator of current value. It does, however, establish a previous benchmark and suggests the property was seen as a land-value play even three years ago.
What are the pros and cons of a detached garage?
A detached garage offers flexibility—it could be used as a workshop or studio without affecting the main house. The downside, especially in Winnipeg winters, is the inconvenience of not having attached, direct access to your vehicle.
The assessed value seems low. Is that a good thing?
A lower assessed value ($39,500) relative to the last sale price typically results in lower municipal property taxes, which is a financial positive for the owner. It does not necessarily reflect the current market value, which is driven by buyer demand for a large lot in a prime neighbourhood.